epsilon'/epsilon and Chiral Dynamics

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The long-distance contributions to $K\to 2π$ amplitudes can be pinned down, using well established Chiral Perturbation Theory techniques. The strong S--wave rescattering of the two final pions generates sizeable chiral loop corrections, which have an important impact on the direct CP violation ratio epsilon'/epsilon. Including all large logarithmic corrections, both at short and long distances, the Standard Model Prediction for this observable is found to be Re(epsilon'/epsilon) = (1.7\pm 0.9) 10^{-3}, in good agreement with the most recent experimental measurements. A better estimate of the strange quark mass could reduce the theoretical uncertainty to 30%.
13 pages. Invited talk at the 5th International Symposium on Radiative Corrections --RADCOR2000-- (Carmel, California, September 2000)

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